Axicon Auto ID Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02003365 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2019

for

Axicon Auto ID Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Morrison

M C Hicks

A J Carey

Mrs S Hicks

REGISTERED OFFICE:

Church Road

Weston on the Green

Bicester

Oxfordshire

OX25 3QP

REGISTERED NUMBER:

02003365 (England and Wales)

ACCOUNTANTS:

Behegan Lynes

Accountancy & Taxation Advisers

Bank Chambers

Brook Street

Bishops Waltham

Hampshire

SO32 1AX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

385,371

270,544

Investments

6

863

863

386,234

271,407

CURRENT ASSETS

Stocks

433,282

441,273

Debtors

7

821,427

725,398

Cash at bank and in hand

2,296,712

2,138,490

3,551,421

3,305,161

CREDITORS

Amounts falling due within one year

8

426,244

580,860

NET CURRENT ASSETS

3,125,177

2,724,301

TOTAL ASSETS LESS CURRENT LIABILITIES

3,511,411

2,995,708

PROVISIONS FOR LIABILITIES

12,717

-

NET ASSETS

3,498,694

2,995,708

CAPITAL AND RESERVES

Called up share capital

9

100,000

100,000

Retained earnings

3,398,694

2,895,708

SHAREHOLDERS' FUNDS

3,498,694

2,995,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

M Morrison - Director

M C Hicks - Director

1.	STATUTORY INFORMATION

Axicon Auto ID Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Trade mark are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant & machinery

-

33% on cost and 25% on cost

Fixtures & fittings

-

25% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant

risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a funded defined contribution pension scheme for the directors and employees. The assets

of the schemes are held separately from those of the company in independently administered funds.

Contributions payable for the year are charged in the profit and loss account.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as

an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2018 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2018

and 30 April 2019

10,000

AMORTISATION

At 1 May 2018

and 30 April 2019

10,000

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2018

593,805

Additions

266,496

At 30 April 2019

860,301

DEPRECIATION

At 1 May 2018

323,261

Charge for year

151,669

At 30 April 2019

474,930

NET BOOK VALUE

At 30 April 2019

385,371

At 30 April 2018

270,544

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2018

and 30 April 2019

863

NET BOOK VALUE

At 30 April 2019

863

At 30 April 2018

863

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

786,351

688,298

Other debtors

35,076

37,100

821,427

725,398

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

171,719

257,794

Taxation and social security

81,499

148,846

Other creditors

173,026

174,220

426,244

580,860

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100,000

Ordinary

£1

100,000

100,000

10.	ULTIMATE CONTROLLING PARTY

The company is ultimately owned and controlled by M C Hicks and his immediate family.